Western Digital (NASDAQ:WDC) PT Lowered to $90.00 at BNP Paribas

Western Digital (NASDAQ:WDC) had its price objective lowered by equities researchers at BNP Paribas from $95.00 to $90.00 in a note issued to investors on Thursday. BNP Paribas’ price objective points to a potential upside of 29.59% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Western Digital in a research report on Thursday, August 15th. TD Cowen lowered their price objective on shares of Western Digital from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Susquehanna cut their target price on Western Digital from $88.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. StockNews.com upgraded Western Digital from a “sell” rating to a “hold” rating in a research report on Saturday, July 6th. Finally, Citigroup cut their price objective on Western Digital from $95.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, September 10th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.09.

Western Digital Stock Performance

NASDAQ:WDC opened at $69.45 on Thursday. The company’s 50-day moving average is $65.42 and its two-hundred day moving average is $69.70. The firm has a market capitalization of $22.68 billion, a price-to-earnings ratio of -13.97 and a beta of 1.39. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.32 and a quick ratio of 0.78. Western Digital has a 1-year low of $35.62 and a 1-year high of $81.55.

Western Digital (NASDAQ:WDC) last posted its earnings results on Wednesday, July 31st. The data storage provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.17. Western Digital had a negative return on equity of 2.63% and a negative net margin of 3.75%. The company had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Analysts forecast that Western Digital will post 7.75 EPS for the current year.

Insider Buying and Selling

In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of Western Digital stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $57.09, for a total transaction of $693,871.86. Following the completion of the sale, the executive vice president now directly owns 128,413 shares of the company’s stock, valued at $7,331,098.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Western Digital news, EVP Robert Soderbery sold 12,154 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $57.09, for a total transaction of $693,871.86. Following the sale, the executive vice president now owns 128,413 shares of the company’s stock, valued at approximately $7,331,098.17. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Goeckeler sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $70.32, for a total transaction of $5,274,000.00. Following the sale, the chief executive officer now owns 896,630 shares of the company’s stock, valued at $63,051,021.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 92,955 shares of company stock worth $6,327,560. Corporate insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Western Digital

Several hedge funds have recently made changes to their positions in WDC. Eastern Bank acquired a new position in shares of Western Digital in the 3rd quarter valued at $27,000. Fairfield Financial Advisors LTD purchased a new position in Western Digital during the 2nd quarter worth $29,000. Fidelis Capital Partners LLC purchased a new position in Western Digital during the 1st quarter worth $30,000. OFI Invest Asset Management acquired a new position in Western Digital in the second quarter valued at $34,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in shares of Western Digital in the second quarter valued at about $34,000. Hedge funds and other institutional investors own 92.51% of the company’s stock.

About Western Digital

Western Digital Corporation develops, manufactures, and sells data storage devices and solutions in the United States, China, Hong Kong, Europe, the Middle East, Africa, rest of Asia, and internationally. It offers client devices, including hard disk drives (HDDs) and solid state drives (SSDs) for desktop and notebook personal computers (PCs), gaming consoles, and set top boxes; and flash-based embedded storage products for mobile phones, tablets, notebook PCs, and other portable and wearable devices, as well as automotive, Internet of Things, industrial, and connected home applications.